Major global companies belonging to "cautiously" to work in Iraq

18/08/2016 13:53

Renowned American newspaper, the leading global investment firms started to return "to Iraq" and the agreement a cautious with him again to implement projects worth billions of dollars, its lack to successive victories achieved by the Iraqi security forces (ISIS), especially in Anbar, the situation of "relative stability" in, as well as getting a loan from the International Monetary Fund to boost its economy.

The Wall Street Journal newspaper, The Wall Street Journal, in a report, "that" some companies started to return to investing in Iraq but cautiously encouraged by the relative stability achieved after the expulsion of militant Islamic State of Anbar and Fallujah, Iraq on assignment of funds from the International Monetary Fund and the World Bank to improve the economic status. "

And the Wall Street Journal reported that "severe protests against corruption emerged earlier than 2016 present, contributed to restore some stability to the Parliament, with the economy's fragile recovery features weakened the acute deterioration of oil prices."

Quoting Iraqi Prime Minister's financial adviser, the appearance of Mahamat Saleh, as saying that "the major investment companies back to Iraq again since Iraqi forces managed to defeat the ISIS and reduce its presence in the country and expelled from Fallujah and Ramadi," returned to "everything changed after the liberation of Fallujah and Ramadi.

Wall Street Journal, said that "the US General Electric GE company that operated in Iraq for years, occurred during last January, billion dollar contracts to develop the infrastructure of the Iraqi electricity system, in its biggest deal with Iraq since 2008, indicating that the company still sees opportunities for continued economic growth in Iraq."

It said, "the International Finance Corporation IFC of the World Bank, concluded in April 2016, $ 375 million deal for generating electrical power with the support of the Lebanese Bank Audi to invest, in the first major investment opportunity in Iraq."

IFC Director for the Middle East and North Africa supporter makhlouf by Wall Street Journal, that the "transaction pointer to support Iraq's growing international finance corporation during the 12 months to June 2016, with increase of investor interest in the region towards Iraq."

The paper found that "other indications that some companies began haggling over the growing tourism sector in Iraq who could benefit from it, including waindham Hotel American sunset tourist hotels, which announced its plans for the brocades of chain hotel in the Holy City of Najaf that millions of visitors to perform a religious ceremony, by 2018.

Wall Street quotes, company Chairman waindham, saying: "Iraq witnessed new investment opportunities and rapid look forward to take advantage of them and complete the hotels that it will take time until it opened to add to the list the hotels and areas listed in travel guides.

The paper attributed the investment companies ' optimism about jobs available in Iraq, "the IMF's approval, during July 2016, to lend Iraq five billion and $ 300 million to support its economy affected by falling oil prices, the budget deficit," it usually helps to recover investor confidence in Iraq. "

The World Bank expects that increased oil production rates with economic reforms and end the threat of the Islamic State in the country, the growth rate of the country's economy will grow by 7%.

On a related level, the head of the United Nations investment trends information, Astarte solstrarova, hardships on Wall Street, that "the proportion of direct investment of foreign companies in Iraq, particularly oil, 20 percent by 2016 now, or the equivalent of four billion dollars."

The paper, according to Iraqi officials, "both my company Exxon Mobile, webtrogaina, Chinese-American talks with Iraq to resume investing in oil fields in the South of the country and help boost production rates."

Finance Minister, Hoshyar Zebari, announced (19 may 2016) reach an agreement with the International Monetary Fund for a loan worth 5.4 billion dollars, while among the loan would secure additional financial assistance of up to $ 15 billion over the next three years, the Governor of the Central Bank, on the relationship to the annual interest on the loan of up to 1.5 percent.

He was the head of the Government's financial adviser, Mohammad Saleh appearance, in (May 27, 2016) that Iraq "financial umbrella" international convergence of 20 billion dollars, as a result of its agreement with the International Monetary Fund.